Five of the eight months this year so far, inventory has been less than it was the same month last year. Now, at the same time, demand is going through the roof. Supply is lower than it was, and demand is much greater than it was. That’s left us with a shortage of inventory in a big way. That’s enables sellers to go ahead and get a great deal, at the right price. Sellers can still sell quickly.
Houses are selling quickly right now, because there is a shortage of inventory. Inventory needs to be increased in a big way. But there is a challenge… A shortage of inventory gives a seller a tremendous advantage. They can get the right price, they’ll have less hassles, since the buyers will be less picky, and it should all get done quicker. That’s happening to the people that are currently in the market.
53% of homeowners don’t realize that the number of homes for sale on the market is lower than it was last year. And 94%, almost every one of the potential sellers, believe that listing inventory has not recently decreased, but in reality the number of listings on the market, compared to last year, has dramatically decreased over the last couple of months.
This seems like a perfect time to sell, right? Many buyers looking, but not enough houses on the market. So why are sellers not putting their homes on the market? I believe it to be that they are a little bit nervous. Not sure about credit scores and mortgage requirements. So many things have changed that they are just like the first time homebuyer! They’re reading the same newspapers, they’re hearing the same newscasts, they’ve bought into the same rumors. They think that lending requirements are getting stricter. They’re not! They’re easing. They’ve been easing for over a year now. They think they’re trapped in their current mortgage. 9% of people are still in negative equity in this country, but 23% believe they are. There is a whole group of people that think they’re trapped in their mortgage, that aren’t!
The facts are good to know and a good knowledgeable Realtor can give you the right information. If you’re even contemplating selling your home, but think you should still wait, you should know some of the current real estate information…
Interest rates are still low
Buyers are out looking at homes, foot traffic is very strong
Existing home prices are strong across the entire country
Home sales are strong
Inventory is low
Down Payments can be as low as 3%
The only guestion now is, what are potential sellers waiting for?
You can reach Gena at 765-210-5582 or by email firstname.lastname@example.org
Posted on November 3, 2015 at 9:39 am by Gena Martin Realtor